Venezuela seizes oil rigs owned by U.S. company - Winston-Salem Journal: Business

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Venezuela seizes oil rigs owned by U.S. company

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Posted: Thursday, June 24, 2010 1:21 pm | Updated: 9:55 pm, Tue Dec 11, 2012.

CARACAS, Venezuela - Venezuela's government has seized control of 11 oil rigs owned by U.S. driller Helmerich & Payne, arguing that drilling had to be restarted after the company halted operations in response to delayed payments from the country's state oil company.

Oil Minister Rafael Ramirez announced that Venezuela would nationalize the Tulsa, Oklahoma-based company's rigs. He said in a statement Wednesday that Helmerich & Payne had rejected government demands to resume drilling operations for more than a year.

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